Mr. Kingsley Ujuma (APC-Imo), a member of the Petroleum Industry Bill (PIB) says the Nigeria National Petroleum Corporation (NNPC) will now be accountable with the passage of the bill.
Ujuma said this while briefing newsmen on Friday in Abuja, following the passage of the PIB on July 1, by the two chambers of the National Assembly.
He said that the NNPC would now be a limited liability company whose profits would be accrued to the country and subsequently moved to the Federation Account.
He said that the bill would galvanise all assets including the economic and security inherent therein that would bring effective production, transparency and good governance to the country.
“Today, with the passage of the bill, we are talking about an oil sector that is organised with governance policy and profitability and viability.’’
He said that 99 per cent of the lawmakers voted for the passage and agreed with the content of the recommendation of the PIB committee.
“This bill has been in the cooler over a decade because of disagreement over grey areas. It got to a point where there were too many vested interests and that could not help the passage,” he said.
For the host communities, the lawmaker said that the bill, if assented to by the president, would give power to them to participate in their own resources.
He said that the bill reserved five per cent for the host communities, adding that every other thing a host community should enjoy would be through the five per cent.
He said that the five per cent fund would be saved directly into an account that would be managed by the host communities.
He said that the issue often raised by host communities of not getting their share would be put to rest as they would not have to beg for it.
The lawmaker said that the host communities with the five per cent should be able to provide electricity, internal security within the local community and scholarship for its people.